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Betmakers Technology Group Ltd.
Potential lynchpin in a global tote and fixed odds play

BetMakers Technology Group (ASX:BET) is a B2B software services business focussed on servicing the wagering market and race operators globally. The company’s technology and systems are used by every racing authority in Australia and most of the major online bookmakers. BetMakers is not a gaming company, it is a technology company that is facilitating commercial opportunities for racing authorities, rights holders, and corporate bookmakers while providing an improved racing experience for punters. The company has updated the market that Q3 was on track to deliver $5m revenue, a 25% increase on Q2 FY21; that the Sportech acquisition had progressed and was expected to complete in mid-Q4 FY21; that the Managed Trading Services business would double its clients to add four in Q4 FY21 with more in the pipeline; and that New Jersey legislation to allow fixed odds horse wagering is progressing well with increasing support being given to the legislation, paved in part by BetMaker’s acquisition of Sportech which is the third largest US pari-mutuel operator. BetMakers is also reportedly (Matthew Tripp plans to combine Tabcorp with Betmakers in $5bn deal, The Australian, 29 March) emerging as a key lynchpin in global tote plans being considered by new investor and strategic adviser Matthew Tripp. Our base case valuation remains at $1.16/share, but we note that we have only included modelling for potential upside from NJ and Sportech.

  • 01 Apr 21
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